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Industrial Strategy

Industrial Strategy

Inclusive growth: Building a better future for the United Kingdom

Inclusive growth: Building a better future for the United Kingdom

The Industrial Strategy is the Government’s plan for the future of the UK. With the Fourth Industrial Revolution underway, the UK is undergoing enormous change. It is hard to envisage a sector or aspect of people’s life’s that is not seeing an impact as a result of new technologies.

The UK’s productivity has consistently lagged behind the average for the G7. Low productivity affects wages, economic growth and overall competitiveness. The Industrial Strategy identifies five foundations of productivity:

  1. Become the best place to start and grow a business
  2. Become the world’s most innovative economy
  3. Upgrade the UK’s infrastructure network
  4. Ensure prosperous communities across the UK
  5. Create good jobs and greater earning power 

The other key element of the Industrial Strategy are the four Grand Challenges. Each challenge is an opportunity to put the UK at the forefront of the industries of the future. 

AI & the Data Economy - Put the UK at the forefront of the artificial intelligence and data revolution. AI has the potential to generate savings of up to 25% and boost productivity in some industries by 30%. The Government have established a Government Office for AI and invested £9m in a new Centre for Data Ethics and Innovation.

Future of Mobility - Become a world leader in the way people, goods and services move. It aims to increase capacity and accessibility in the current transport system. Actions the Government are taking include £40m in funding for new charging technologies and £250m for the development and testing of connected and autonomous vehicles.

Clean Growth - Maximise the opportunities industry advantage from global shifts to clean growth. By 2030 the UK’s clean economy has the potential to support 2 million jobs and generate up to £170bn in annual exports. Policies in this area include over £2.5bn of government investment in low carbon innovation by 2021.

Ageing Society - Meet the needs of an ageing society by harnessing the power of innovation. A third of girls born in the UK today can expect to live until they are 100 years old. A government Healthy Ageing programme will invest in innovation to help older people stay independent for longer.

To find out more about the UK’s Industrial Strategy and KPMG’s viewpoint on the challenges and opportunities facing UK businesses, you can download our brochure.

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